Speak to our mortgage brokers by calling 1300 889 743 or fill in our free assessment form to find out if you can afford to buy a home now.

When is it better to buy a home?

If the property market is rising in value then it is normally better to buy now, irrespective of whether you have to pay LMI or not.

The reason being is that the cost of LMI is usually far less than the rate at which house prices increase. So you end up being behind if you wait.

You should always consider your personal situation and discuss your future plans with your partner before buying a home.

When is it better to continue renting?

If house prices are stagnant or are falling then there’s no hurry to buy!

In particular, if prices aren’t rising and you are boarding with your parents then you can continue to save a larger deposit and reduce the cost of LMI.

You normally need to reduce your home loan to below 80% of the property value but some of our lenders have no LMI home loans for some types of borrowers.

Do you qualify for a mortgage?

Our mortgage brokers are experts in helping first home buyers to get into the property market. We can work out which banks can consider your situation and present your application in a way that it ensures it gets approved.

We can compare the cost of renting to the cost of owning a home for you or you can use this rent vs buy calculator instead.

Speak to our mortgage brokers by calling 1300 889 743 or fill in our free assessment form to see what options are available.

I lent my cousin $18,500 a few weeks back. I still have $10,000 in savings. Will that amount be considered genuine savings when I get paid back? I saved that myself along with the $10k and I can prove it.

In most cases, the amount that you’re claiming to be your own savings will be assessed as a gift or loan from your cousin. If you have bank statements and a statutory declaration to prove that you did save the funds then we may be able to get them to consider this as an exception. However, it’s likely we can just go with a lender that doesn’t require genuine savings and you’d get approved at a great rate.

Hey Smith,
Loan redraw gives you the power to withdrawal any additional repayments to which were made on top of the minimum loan repayment. Effectively, any additional payments you have made can be accessed when you need them. This is a great way to keep funds on standby or to save for a holiday or car in your loan account rather than in your savings account.

Scrambler

I currently pay $450/week in rent. My friend suggested to get my own home loan so I could stop paying somebody else’s mortgage. somebody else’s. So, I just want to compare the costs of owning a house versus renting.